While President of the Edmonton Downtown Development Corporation (EDDC), Armin A. Preiksaitis oversaw the $2.3 million restoration of the historic Goodridge Block strategically located at the corner of 97th Street and Jasper Avenue in downtown Edmonton.

Working with the EDDC Board, Brinsmead Ziola Architects, and contractor PCL Maxim, Armin directed the preparation of plans, secured financing, and managed the restoration of the historic structure. The restored 26,000 ft2 building has 18 affordable housing units and a ground floor occupied by the Hardware Grill an upscale destination restaurant.

The project is a good example of creative structuring of a private / public partnership. No fewer than 6 sources of funding helped finance the project:

25-year lease for the property from the City of Edmonton

$1.2 million from Employment and Immigration Canada's Canada Jobs Strategy Program

Part of a $1.7 million grant from Alberta Tourism

$25,000 grant from the Alberta Historical Resources Foundation

Rent Supplement for low-income housing from Alberta Municipal Affairs

Gap funding from EDDC

The EDDC acted as the developer through its subsidiary, the Goodridge Block Renovation Corporation, and continues to manage the building for a management fee that is a source of operating income for the EDDC.

The restoration of the Goodridge Block exemplifies the spirit of downtown renewal at its best. The project preserves a stately brick landmark, revitalizes a dilapidated area, creates a tourist attraction, generates employment, and provides quality accommodation for inner-city residents on fixed incomes. It also exemplifies Armin Preiksaitis' abilities in building a strong future for downtown areas.